The latest data from the Reserve Bank's quarterly bulletin also show a slowdown in consumer spending patterns.
Having increased at an annualised rate of 2.7% in the third quarter last year‚ real final consumption expenditure by households rose at a rate of 2.4% in the fourth quarter - the fourth consecutive quarterly slowdown in household spending.
"The South African economy is showing signs of cracks. There is concern that we might be falling behind‚ just when the world economy is starting to gather momentum. The rand weakness is the barometer of what foreign investors feel about the economy‚" said David Shapiro‚ director at Sasfin Securities.
Retail shares remain volatile after a rocky start to the year following the weaker-than-anticipated December sales.
At 3.28pm‚ the general retailer's index was down 2.22%‚ with Truworths (TRU) losing 3.55% to R91.39‚ Woolies (WHL) down 2.04% to R70.53 and Mr Price (MPC) relinquishing 2.51% to R117.33). At the same time the food and drug retailers' index lost 0.39%.
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